Chinese developer Evergrande’s unit ordered to pay out $1.1 billion

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Reuters

HONG KONG (Reuters) – Struggling developer China Evergrande Group said on Sunday that one of its subsidiaries, Evergrande Group (Nanchang) Co, Ltd, had been ordered to pay a guarantor 7.3 billion yuan ($1.08 billion) for failing to honour its debt obligations. In July 2021, the guarantor, who was not named in the statement, provided a guarantee for the borrowings of certain entities controlled by Evergrande, the company said in a statement to the Hong Kong stock exchange. Nanchang provided counter-guarantees in the form of a pledge of a total of 1.3 billion shares that it held in Shengjing Ban…

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